ICICI net up 1.1 percent, shares tumble

Mumbai, Oct 27 (IANS) ICICI, the country’s largest private bank, posted a net profit of $216 million in the quarter ended Sep 30, clocking a year-on-year growth of 1.1 percent over $214 million registered the same quarter last fiscal, the company said in a statement to the Bombay Stock Exchange Monday.Shares of ICICI fell 15 percent in July-September and Monday were trading at Rs.300.50, down 3.06 percent from their last closing price of Rs.310.

ICICI’s announcement comes days after its scrip was badly hit on the bourses following reports that its capital adequacy ratio was low, despite the bank as well as the finance minister issuing statements rubbishing the rumours.

The company said it had a capital adequacy ratio of 14.1 percent, well above the Reserve Bank of India-defined Basel II norm of 9 percent.

The scrip of State Bank of India - the country’s largest bank - tumbled 10.41 percent even though it announced a rise of more than 40 percent in its net profit in the second quarter.